The Bush administration insisted Sunday that Congress must move quickly to approve what one lawmaker called the “mother of all bailouts” – a $700 billion proposal to buy a mountain of bad mortgage debt in an effort to unfreeze the nation’s credit markets.
Congressional leaders endorsed the plan’s main thrust, saying passage might occur in a matter of days. But they said it must be expanded to include help for people on Main Street as well as the big Wall Street financial firms who have lost billions of dollars through their bad investment decisions.
The proposal “does not include the necessary safeguards,” said House Speaker Nancy Pelosi, D-Calif. She called for “independent oversight, protections for homeowners and constraints on excessive executive compensation.”
Magnolia Tribune
